Revolutionizing coverage: Burns & Wilcox's FloodPlus advantage

This article was created in partnership with Burns & Wilcox

As the frequency of natural disasters increases, flood insurance has become more crucial than ever. However, for many insurance professionals, navigating the complexities of flood coverage has often been a daunting task.

Enter Hiscox FloodPlus delivered by Burns & Wilcox, a comprehensive, private flood insurance solution designed to offer superior protection and a more streamlined experience for brokers and policyholders alike.

Emphasizing the benefits of the product, Brad Turner (pictured above), vice president and national product manager for flood at Burns & Wilcox shared, “It's got the broadest flood form that exists on the market. It's actually a modified homeowners’ form, so it doesn't have the typical exclusions that you see with other private policies on the market.”

What is FloodPlus?

Originally designed for residential policies, it has evolved to include commercial coverage, ensuring comprehensive protection for both homeowners and businesses.

“Today, FloodPlus provides primary flood coverage for properties up to $2.5 million and excess flood up to $4 million,” said Turner. Backed by Hiscox, one of the largest syndicates within Lloyd’s of London, FloodPlus delivers a seamless combination of primary and excess flood coverage tailored to diverse client needs.

Key advantages of the FloodPlus offering include:

• Broad coverage: Unlike traditional policies, FloodPlus offers more inclusive coverage, reducing the number of exclusions typically found in National Flood Insurance Program (NFIP) policies. For example, enhanced basement coverages and coverage for enclosures—often excluded from other flood policies—are available with FloodPlus.
• Customizable limits: FloodPlus also allows for higher coverage limits, catering to high-value properties with flexible options that go beyond what the NFIP offers. This makes FloodPlus ideal for properties that might be underinsured through the NFIP or other standard options.
• Simplicity for brokers: The IssueQuick platform, powered by Burns & Wilcox, integrates seamlessly with FloodPlus, simplifying the quoting and policy management process. Brokers can get quick quotes and even process endorsements, all from a single digital platform. This ease of use eliminates the confusion brokers face when comparing multiple policies and coverage options.

The rising tide of flood risk

As the frequency of natural disasters continues to rise, so does the financial impact of flooding, making insurance more essential than ever. In the US alone, annual damages and losses caused by flooding range between $179.8 billion and $496 billion—a staggering cost that underscores the need for comprehensive protection.

Unfortunately, however, Turner emphasized that while flooding remains one of the most significant risks, it is often perceived as a secondary peril. “Many people don’t prioritize flood insurance, viewing it a secondary peril.”

According to Turner, this is partly due to outdated flood maps that don’t reflect current risk exposures, especially in regions where flooding has become more frequent due to climate change and rapid development. As he pointed out, "You’re 30 times more likely to experience a flood loss than a fire loss during the term of a 30-year mortgage, yet people are more likely to forgo flood insurance than fire insurance."

A trusted partner in protection

Burns & Wilcox is committed to educating brokers and policyholders on the importance of proactive flood coverage. The company is not only working to make flood insurance more accessible but also investing in risk management education to help people understand the true exposure they face.

“Our flood practice is seasoned in the market,” confirmed Turner. “We have a dedicated team of underwriters supporting the FloodPlus program, and agent education is a key focus for us. For agents offering private flood insurance, having access to experts to navigate and evaluate solutions is invaluable,” he shared. “Unlike many tech-driven products that operate in a rigid digital box, we provide agents with the resources and expertise they need to better serve their clients.”

To learn more about how FloodPlus can provide superior coverage for your clients, visit Burns & Wilcox IssueQuick today.